Private equity firm Atorg has agreed to acquire CDMO CordenPharma from International Chemical Investors Group (ICIG), subject to customary regulatory approvals. The founders, Patrick Schnitzer and Dr Achim Riemann, will also reinvest in the firm and CEO Michael Quirmbach remains in place.
According to the German business newspaper Handelsblatt, the International Chemical Investors Group (ICIG) intends to sell CordenPharma. A valuation of around €3 billion has been cited. ICIG has, the paper said, has already had meetings with potential buyers and will send out information packs to them by the end January. Neither ICIG nor CordenPharma has made any comment.
The WeylChem Group has announced that it is building the largest potassium-fluoride (KF)-based plant for halogen exchange (Halex) reactions in the Western world, at its Allessa site in Fechenheim Industrial Park in Frankfurt. This is the largest investment in Allessa since it was incorporated into WeylChem eight years ago. The project will take two years to complete.